Abilene-based SoftVest, significant unitholder in Permian Basin Royalty Trust, and Fort Worth-based Blackbeard Holdings said recently they will combine the trust and certain oil and natural gas mineral interests and land operations owned by Blackbeard. Their announcement said the combination, PBT Land and Minerals, is valued at about $2.2 billion. Closing is expected in second half of 2026.
The transaction will create a scaled, largely contiguous surface and underlying minerals position comprised of 111,000 net royalty acres and 68,000 surface acres in Central Basin Platform of Permian Basin. The new trust, which will include affiliates Waddell Ranch in Crane County and Fort Worth-based Nile Midstream, will be managed by Blackbeard’s management team. Blackbeard Operating is the largest producer in the Central Basin Platform.
Jordan Barrett, CFO of Blackbeard and future CEO of PBT Land and Minerals, said July 28, “Through our proposed combination with Permian Basin Trust, we have the opportunity to reassemble most of the original surface and mineral footprint of the Waddell Ranch, a storied property that was among the first major discoveries in the Permian Basin. Even though the ranch has produced for over 100 years, it still holds significant undeveloped resource potential.”
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